Flat in Bristol

Case Study - Bristol Flats

Overview

Vickery Holman undertake valuations for a variety of purposes, including valuations in connection with tax liabilities. A valuation for Capital Gains Tax is an example which falls under the tax liabilities category and can be a complex matter. Capital Gains Tax is a tax on any profit you make when you sell, or dispose of, an asset that’s increased in value. The amount you are taxed is based on the gain, not the amount of money received. The gain is usually the difference between what you paid for an asset and how much you sold it for.

Situation

A situation where you may require a Capital Gains Tax valuation would be for assets owned before 31 March 1982, which are now being sold and for properties which are not the principal residence of the client. In this situation, a valuer would need to identify the Market Value as at 31 March 1982, as well as the date of the valuation/sale.

We have recently undertaken a valuation of a flat in Bristol for a client for Capital Gains Tax purposes where the flat was not the client’s principal residence.

Solution

We provided an opinion of Market Value as at the inspection date reflecting the date of valuation, allowing the client to establish the increase in value since their purchase in 1982 and in turn, calculate the Capital Gains Tax.

Vickery Holman have an expert team of Chartered Surveyors and Registered Valuers with offices based in Bristol, Exeter, Plymouth and Truro who would be more than happy to discuss any advice regarding Capital Gains Tax or any other valuation which may be in connection with tax liabilities. Please contact a member of our team to discuss.

Outcome

A situation where you may require a Capital Gains Tax valuation would be for assets owned before 31 March 1982, which are now being sold and for properties which are not the principal residence of the client. In this situation, a valuer would need to identify the Market Value as at 31 March 1982, as well as the date of the valuation/sale.

We have recently undertaken a valuation of a flat in Bristol for a client for Capital Gains Tax purposes where the flat was not the client’s principal residence.

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